Rendering of the full configuration of Vast’s Haven-2 commercial space station design. Photo: Vast

Vast and Sierra Space, two U.S.-based developers of commercial space stations, announced major funding rounds on Thursday. Vast secured $300 million in Series A equity and $200 million in debt financing, while Sierra Space received $550 million in Series C equity financing.

Vast’s financing round was led by Balerion Space Ventures, alongside IQT, the Qatar Investment Authority, Mitsui, MUFG, Nikon, Stellar Ventures, Space Capital, and Earthrise Ventures, as well as company founder and first investor Jed McCaleb. It brings the company’s total funding to over $1 billion.

As part of the transaction, Balerion Advisor A.C. Charania, a former senior NASA official, will join Vast’s board.

Vast develops Haven-1, a Low-Earth Orbit (LEO) commercial space station, and Haven-2, a proposed successor to the International Space Station after its scheduled retirement in 2030. In January, development of Haven-1 entered its integration phase, which would bring the spacecraft to a flight-ready configuration. Vast hopes to launch Haven-1 in 2027.

Last November, the company successfully launched Haven Demo, a pathfinder for Haven-1, into orbit. This month, it signed an agreement with NASA to hold a private astronaut mission on the ISS.

“Vast was founded with a long-term vision of billions of people living and thriving in space,” McCaleb said. “Achieving a goal of this magnitude requires deliberate stepping stones, and our strategy of building, testing, and iterating with real hardware is delivering results. It is exciting to welcome additional investors who recognize Vast’s long-term potential and share our belief in making this vision a reality.”

Vast said the funding will be used to expand facilities, hire workers, and progress Haven-2.

Sierra Space Hits $8B Valuation

Separately, Sierra Space said their funding round brought their total capital investments to $2 billion since 2021 and their company valuation to $8 billion. It was led by LuminArx Capital with participation from existing investors, including General Atlantic, Coatue, Moore Strategic Ventures, and Andalusian Private Capital.

The funding will allow Sierra Space to further its focus on national security space efforts by expanding production capacity and developing differentiated solutions for customers, the company said.

In November, the company’s Dream Chaser spaceplane successfully completed a battery of pre-flight tests at NASA’s Kennedy Space Center, after delays prevented its inaugural launch and voided a planned docking at the ISS.

Last June, the company opened Sierra Space Defense, a new division for defense contracting, alongside a manufacturing facility called “Victory Works.” Defense Secretary Pete Hegseth visited Sierra Space’s facilities in Louisville, Colorado, last month.

The company recently shared an update on its contract for the Space Development Agency, completing satellite structures for nine spacecraft that will be part of the SDA’s Tranche 2 Tracking Layer.

“We are excited to partner with Sierra Space to accelerate the growth of a standout leader in the defense-tech space market,” LuminArx Capital CIO Min Htoo said. “Among the many companies we’ve evaluated in the sector, Sierra Space distinguishes itself through its team, technical expertise, and execution history.”